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London
July 19, 2024
PI Global Investments
Finance

Afya Limited Announces Fourth Quarter and Full-Year 2023 Financial Results


Another Year of Strong Performance
Robust EPS Expansion
Guidance Achievement

NOVA LIMA, Brazil, March 14, 2024–(BUSINESS WIRE)–Afya Limited (Nasdaq: AFYA; B3: A2FY34) (“Afya” or the “Company”), the leading medical education group and digital health services provider in Brazil, reported today financial and operating results for the fourth quarter and full-year period ended December 31, 2023. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).

Fourth Quarter 2023 Highlights

  • 4Q23 Adjusted Net Revenue increased 22.6% YoY to R$729.5 million. Adjusted Net Revenue excluding acquisitions grew 12.5% to R$669.7 million.

  • 4Q23 Adjusted EBITDA increased 19.3% YoY, reaching R$288.9 million, with an Adjusted EBITDA Margin of 39.6%. Adjusted EBITDA excluding acquisitions grew 6.4% to R$257.7 million with an Adjusted EBITDA Margin of 38.5%.

  • 4Q23 Adjusted Net Income increased 27.7% YoY, reaching R$164.4 million, with an adjusted EPS growth of 29.6% in the same period.

Full-Year 2023 Highlights

  • FY23 Adjusted Net Revenue increased 23.9% YoY to R$2,874.1 million. Adjusted Net Revenue excluding acquisitions grew 13.3% to R$2.626.9 million.

  • FY23 Adjusted EBITDA increased 21.2% YoY reaching R$1,165.7 million, with an Adjusted EBITDA Margin of 40.6%. Adjusted EBITDA excluding acquisitions grew 9.5% to R$1,052.8 million with an Adjusted EBITDA Margin of 40.1%.

  • FY23 Adjusted Net Income increased 10.5% YoY, reaching R$591.1 million, with an adjusted EPS growth of 11.5% in the same period.

  • Cash conversion of 97.1% generating R$1,088.8 million of cash flow from operating activities that resulted in a cash position of R$553.0 million.

  • Around 268 thousand monthly active physicians and medical students using Afya’s Digital Service, an increase of 2.8% over the same period last year.

Table 1: Financial Highlights

For the three months period ended December 31,

 

For the twelve months period ended December 31,

(in thousand of R$)

2023

2023 Ex Acquisitions*

2022

% Chg 

% Chg Ex Acquisitions

 

2023

2023 Ex Acquisitions*

2022

% Chg 

% Chg Ex Acquisitions

(a) Net Revenue

729,866

670,071

584,002

25.0%

14.7%

2,875,913

2,628,723

2,329,057

23.5%

12.9%

(b) Adjusted Net Revenue (1)

729,479

669,684

595,138

22.6%

12.5%

2,874,085

2,626,895

2,319,131

23.9%

13.3%

(c) Adjusted EBITDA (2)

288,912

257,744

242,207

19.3%

6.4%

1,165,678

1,052,844

961,924

21.2%

9.5%

(d) = (c)/(b)  Adjusted EBITDA Margin

39.6%

38.5%

40.7%

-110 bps

-220 bps

40.6%

40.1%

41.5%

-90 bps

-140 bps

*For the three months period ended December 31, 2023, “2023 Ex Acquisitions” excludes: UNIMA and FCM Jaboatão (October to December, 2023; Closing of UNIMA and FCM Jaboatão was in January 2023).

*For the fiscal year ended December 31, 2023, “2023 Ex Acquisitions” excludes: Alem da Medicina (January & February 2023; Closing of Alem da Medicina was in March, 2022), Cardiopapers (January to March 2023; Closing of Cardiopapers was in April, 2022), Glic (January to May, 2023; Closing of Glic was in May, 2022), and UNIMA and FCM Jaboatão (January to December, 2023; Closing of UNIMA and FCM Jaboatão was in January 2023).

(1) Includes mandatory settlements in tuition fees granted by state decrees and individual/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision.  

(2) See more information on “Non-GAAP Financial Measures” (Item 07).

 

Message from Management

We are delighted to showcase another year of remarkable operational and financial achievements for Afya. Once more, we have demonstrated the robustness of our business, the effective implementation of our strategy, the dedication of our team members, and the reliability of our business model.

This year we disclosure notable rises in net revenue across our three segments, strong cash generation, and substantial growth in EPS, underscoring our ongoing business expansion. The convergence of these elements has empowered us to meet our 2023 targets, and we are now looking ahead to the objectives set for 2024.

For another year we are pleased to disclose that the most significant growth of the year, in terms of revenue, stemmed from our Continuing Education segment. Through a robust intake process, the establishment of three new campuses, and course maturation, we can see once more, our students, employees, and partners benefit from our constantly developing ecosystem.

Our second most noteworthy growth originated from our undergrad business — our core business remains as robust as ever, with Medicine courses increasing tickets higher than inflation, maturation of medical seats and the completion of UNIMA and Faculdade de Ciências Médicas Jaboatão integration process in November, less than one year after its acquisition, proving our commitment to extract synergies within the operation.

In our Digital Services Segment we are proud to see another year of organic growth, reaffirming the immense potential of the business. This surge can be attributed to the success of our B2B engagements, where we have secured new contracts with pharmaceutical industry leaders. Furthermore, the continuous growth in B2P subscribers reflects our unwavering dedication to expanding our reach.

Afya´s 2023 Net Revenues was almost four times higher than in 2019, the year of our IPO. Furthermore, there has been a notable increase in cash generation. We have witnessed the cash conversion rate consistently above 90%, demonstrating our ability to achieve substantial growth while enhancing profitability and cash generation. Lastly, our earnings per share (EPS) have more than doubled since 2019 and is still growing, underscoring our capability to blend organic and inorganic growth with disciplined capital allocation, resulting in significant returns to propel our growth.

Besides its results achievements, Afya also has been investing in building its sustainability strategy and ESG (Environmental, Social, and Governance) vision to enhance value generation and impact for its stakeholders, as well as to contribute to the longevity of the business with socio-environmental responsibility. Aware of the role we play, ESG-related aspects permeate our strategies and routines. We aim to contribute to the social and economic development of the communities in which we operate and enable physicians to experience the best aspects of their profession.

As an indication of our outstanding results and impactful initiatives that are being shown to the market, the announcement of our sponsored BDRs this year, marked the entrance of Afya in B3 and we proudly celebrate several awards recognitions this year, such as “Executivo de Valor” recognizing Virgilio Gibbon as the top CEO in the Education Sector, “Valor Econômico’s Best Education Company in Innovation”, and another prestigious recognition for being the best Company in the Education Sector in the “Valor 1000” award and “Great Place to Work”.

Strong performance, consistent growth, success in all segments, social responsibility and public recognition: this is how we are evolving and empowering our mission to provide an ecosystem that integrates education and digital solutions for the entire medical journey. We are very proud of our business and what we have achieved so far, and excited the future.

1. Key Event in the Quarter:

  • On October 31st, Afya announced, through its wholly owned subsidiary Afya Participações S.A. (“Afya Brazil”), the acquisition of an additional 15% in Centro de Ciências em Saúde de Itajubá S.A. (“CCSI”;” FMIT”), consolidating our position of ownership to 75% of the total share capital. The aggregate purchase price for the additional 15% was R$21.0 million paid 100% in cash on the closing date.

2. Subsequent Event

  • On January 24, 2024, the Ministry of Education (MEC) authorized the increase of 40 medical seats of Faculdades Integradas Padrão (FIP Guanambi), located in the city of Guanambi, State of Bahia, which will result in an additional payment of R$49.6 million. With the authorization, Afya reaches 100 medical seats on this campus, and 3,203 total approved seats.

3. Full Year 2023 Guidance Achievement

The Company’s financial results reaffirmed the resiliency and predictability of Afya’s business model.

Guidance for 2023

Actual 2023

Adjusted Net Revenue*

R$ 2,750 mn ≤ ∆ ≤ R$ 2,850 mn

2,874 mn

Adjusted EBITDA

R$ 1,100 mn ≤ ∆ ≤ R$ 1,200 mn

1,166 mn

 

*Includes UNIMA and Faculdade de Ciências Médicas Jaboatão’ acquisitions;
Includes the increase of 64 medical seats of Faculdade Santo Agostinho, in the city of Itabuna;
Excludes any acquisition that may be concluded after the issuance of the guidance.

4. 2024 Guidance

The guidance for FY2024 is defined in the following table:

Guidance for 2024

Net Revenue1

R$ 3,150 mn ≤ ∆ ≤ R$ 3,250 mn

Adjusted EBITDA

R$ 1,300 mn ≤ ∆ ≤ R$ 1,400 mn

CAPEX2

R$ 220 mn ≤ ∆ ≤ R$ 260 mn

(1) Excludes any acquisition that may be concluded after the issuance of the guidance.

(2) The 2024 Capex guidance does not encompass the earn-out payment in the amount of R$49.6 million related to the 40-seat increase at Faculdades Integradas Padrão (FIPGuanambi).

5. 4Q23 and 2023 Overview

Operational Review

Afya is the only company offering educational and technological solutions to support physicians across every stage of the medical career, from undergraduate students in their medical school years through medical residency preparatory courses, medical specialization programs and continuing medical education. The Company also offers solutions to empower physicians in their daily routine including supporting clinic decisions through mobile app subscription, delivering practice management tools through a Software as a Service (SaaS) model, and assisting physicians in their relationship with their patients.

The Company reports results for three operating segments. The first, Undergrad – medical schools, other healthcare programs and ex-health degrees. Revenue is generated from the monthly tuition fees the Company charges students enrolled in the undergraduate programs. The second, Continuing Education – specialization programs and graduate courses for physicians. Revenue is also generated from the monthly tuition fees the Company charges students enrolled in the specialization and graduate courses. The third is Digital Services – digital services offered by the Company at every stage of the medical career. This operating segment is divided into Business to Physician (which encompasses Content & Technology for Medical Education, Clinical Decision Software, Practice Management Tools & Electronic Medical Records, Physician-Patient Relationship, Telemedicine, and Digital Prescription) and Business to Business (which provides access and demand for the healthcare players). Revenue is generated from printed books and e-books, which is recognized at the point in time when control is transferred to the customer, and subscription fees, which are recognized as the services are transferred over time.

Key Revenue Drivers – Undergraduate Courses

Table 2: Key Revenue Drivers

Twelve months period ended December 31,

2023

2022

% Chg

Undergrad Programs

MEDICAL SCHOOL

Approved Seats

3,163

2,823

12.0%

Operating Seats (1)

3,113

2,773

12.3%

Total Students (end of period)

21,446

17,968

19.4%

Average Total Students

21,154

17,761

19.1%

Average Total Students (ex-Acquisitions)*

19,040

17,761

7.2%

Tuition Fees (Total – R$ ‘000)

2,573,704

2,032,888

26.6%

Tuition Fees (ex- Acquisitions* – R$ ‘000)

2,332,745

2,032,888

14.8%

Medical School Gross Avg. Ticket (ex- Acquisitions* – R$/month)

10,210

9,538

7.0%

Medical School Net Avg. Ticket (ex- Acquisitions* – R$/month)

8,548

7,898

8.2%

UNDERGRADUATE HEALTH SCIENCE

Total Students (end of period)

21,117

17,967

17.5%

Average Total Students

21,365

19,441

9.9%

Average Total Students (ex-Acquisitions)*

19,690

19,441

1.3%

Tuition Fees (Total – R$ ‘000)

388,799

336,238

15.6%

Tuition Fees (ex- Acquisitions* – R$ ‘000)

359,647

336,238

7.0%

OTHER UNDERGRADUATE

Total Students (end of period)

23,471

22,265

5.4%

Average Total Students

24,336

23,376

4.1%

Average Total Students (ex-Acquisitions)*

21,170

23,376

-9.4%

Tuition Fees (Total – R$ ‘000)

304,276

266,306

14.3%

Tuition Fees (ex- Acquisitions* – R$ ‘000)

263,275

266,306

-1.1%

TOTAL TUITION FEES

Tuition Fees (Total – R$ ‘000)

3,266,778

2,635,432

24.0%

Tuition Fees (ex- Acquisitions* – R$ ‘000)

2,955,667

2,635,432

12.2%

*For the fiscal year ended December 31, 2023, “2023 Ex Acquisitions” excludes: UNIMA and FCM Jaboatão (January to December, 2023; Closing of UNIMA and FCM Jaboatão was in January 2023).

(1) The difference between approved and operating seats is ‘Cametá’. A campus for which we already have the license but haven’t started operations.

Key Revenue Drivers – Continuing Education and Digital Services

Table 3: Key Revenue Drivers

Twelve months period ended December 31,

2023

2022

% Chg

Continuing Education

Medical Specialization & Others

Total Students (end of period)

4,976

4,280

16.3%

Average Total Students

4,838

3,835

26.1%

Average Total Students (ex-Acquisitions)

4,838

3,835

26.1%

Net Revenue from courses (Total – R$ ‘000)

146,827

108,806

34.9%

Net Revenue from courses (ex- Acquisitions¹)

146,827

108,806

34.9%

Digital Services

Content & Technology for Medical Education

Medcel Active Payers

Prep Courses & CME – B2P

7,563

14,569

-48.1%

Prep Courses & CME – B2B

5,649

5,887

-4.0%

Além da Medicina Active Payers

7,557

6,081

24.3%

Cardiopapers Active Payers

9,202

5,034

82.8%

Medical Harbour Active Payers

12,133

7,668

58.2%

Clinical Decision Software

Whitebook Active Payers

153,541

137,767

11.4%

Clinical Management Tools²

iClinic Active Payers

26,293

22,764

15.5%

Shosp Active Payers

3,768

2,915

29.3%

 

Digital Services Total Active Payers (end of period)

225,706

202,685

11.4%

Net Revenue from Services (Total – R$ ‘000)

229,285

189,984

20.7%

Net Revenue – B2P

190,838

166,515

14.6%

Net Revenue – B2B

38,448

23,469

63.8%

Net Revenue From Services (ex-Acquisitions¹)

222,196

189,984

17.0%

(1) Clinical management tools includes Telemedicine and Digital Prescription features.

(2) For the fiscal year ended December 31, 2023, “2023 Ex Acquisitions” excludes: Alem da Medicina (January & February 2023; Closing of Alem da Medicina was in March, 2022), Cardiopapers (January to March 2023; Closing of Cardiopapers was in April, 2022), Glic (January to May, 2023; Closing of Glic was in May, 2022).

Key Operational Drivers – Digital Services

Monthly Active Users (MaU) represents the number of unique individuals that consumed Digital Services content in each one of our products in the last 30 days of a specific period. Total monthly active users reached around 268 thousand.

Monthly Active Unique Users (MUAU) represents the number of unique individuals, without overlap of users among products, in the last 30 days of a specific period.

Table 4: Key Operational Drivers for Digital Services – Monthly Active Users (MaU)

4Q23

4Q22

% Chg YoY

3Q23

2Q23

Content & Technology for Medical Education

20,215

16,539

22.2%

26,012

24,973

Clinical Decision Software

219,420

221,762

-1.1%

230,732

230,338

Clinical Management Tools¹

26,703

20,936

27.5%

26,944

24,880

Physician-Patient Relationship

1,579

1,473

7.2%

1,583

1,782

Total Monthly Active Users (MaU) – Digital Services

267,917

260,710

2.8%

285,271

281,973

1) Clinical management tools includes Telemedicine and Digital Prescription features

Includes Shosp, Medicinae and Além da Medicina starting in 1Q22 and Cardiopapers and Glic starting in 2Q22

Table 5: Key Operational Drivers for Digital Services – Monthly Unique Active Users (MuaU)

4Q23

4Q22

% Chg QoQ

3Q23

2Q23

 

Total Monthly Unique Active Users (MuaU) – Digital Services

241,753

241,949

-0.1%

254,894

251,487

1) Total Monthly Unique Active Users excludes non-integrated companies: Medical Harbour, Medicinae, Shosp, Além da Medicina, Cardiopapers and Glic

Seasonality

Undergrad’s tuition revenues are related to the enrollment and re-enrollment process and monthly tuition fees charged to students over the period; thus, does not have significant fluctuations during the year. Continuing Education revenues are related to monthly intakes and tuition fees and do not have a considerable concentration in any period. Digital Services is comprised mainly of Medcel, Pebmed, and iClinic revenues. While Pebmed and iClinic do not have significant fluctuation regarding seasonality, Medcel’s revenue is concentrated in the first and last quarter of the year due to the enrollments. In addition, the majority of Medcel’s revenues are derived from printed books and e-books, which are recognized at the point in time when control is transferred to the customer. Consequently, the Digital Services segment generally has higher revenues and results of operations in the first and last quarters of the year than in the second and third quarters.

Revenue

Adjusted Net Revenue for the fourth quarter of 2023 was R$729.5 million, an increase of 22.6% over the same period of the prior year, mainly due to UNIMA and FCM Jaboatão acquisition, higher net tickets in Medicine courses, maturation of medical seats and the growth of Continuing Education and Digital Services segments.

Net Revenue of Continuing Education for the fourth quarter of 2023 was R$38.6 million, an increase of 16.0% YoY, boosted by the growth in the number of students.

Digital services increased 17.1% YoY, totaling R$65.2 million for this quarter. The organic growth is a combination of (a) an increase in the B2B engagements, increasing B2B Net Revenue by 63.8%, and (b) the expansion of the active payers in the B2P, mainly in Whitebook, Medical Harbour, Shosp, IClinic, Cardiopapers and Além da Medicina.

For the full year ended December 31, 2023, Adjusted Net Revenue was R$2,874.1 million, an increase of 23.9% over the same period of last year. Excluding acquisitions, Adjusted Net Revenue grew 13.3% over the same period.

Table 6: Revenue & Revenue Mix

(in thousands of R$)

For the three months period ended December 31,

For the twelve months period ended December 31,

2023

2023 Ex Acquisitions*

2022

% Chg

% Chg Ex Acquisitions

 

2023

2023 Ex Acquisitions*

2022

% Chg

% Chg Ex Acquisitions

Net Revenue Mix

Undergrad

627,929

568,135

499,852

25.6%

13.7%

2,511,018

2,270,917

2,037,889

23.2%

11.4%

Adjusted Undergrad¹

627,542

567,748

510,988

22.8%

11.1%

2,509,190

2,269,089

2,027,963

23.7%

11.9%

Continuing Education

38,564

38,564

33,238

16.0%

16.0%

146,827

146,827

108,806

34.9%

34.9%

Digital Services

65,249

65,249

55,741

17.1%

17.1%

229,285

222,196

189,984

20.7%

17.0%

Inter-segment transactions

-1,876

-1,876

-4,829

-61.2%

-61.2%

-11,217

-11,217

-7,622

47.2%

47.2%

Total Reported Net Revenue

729,866

670,071

584,002

25.0%

14.7%

2,875,913

2,628,723

2,329,057

23.5%

12.9%

Total Adjusted Net Revenue ¹

729,479

669,684

595,138

22.6%

12.5%

2,874,085

2,626,895

2,319,131

23.9%

13.3%

*For the three months period ended December 31, 2023, “2023 Ex Acquisitions” excludes: UNIMA and FCM Jaboatão (July to December, 2023; Closing of UNIMA and FCM Jaboatão was in January 2023).

*For the fiscal year ended December 31, 2023, “2023 Ex Acquisitions” excludes: Alem da Medicina (January & February 2023; Closing of Alem da Medicina was in March, 2022), Cardiopapers (January to March 2023; Closing of Cardiopapers was in April, 2022), Glic (January to May, 2023; Closing of Glic was in May, 2022), and UNIMA and FCM Jaboatão (January to December, 2023; Closing of UNIMA and FCM Jaboatão was in January 2023).

 (1) Includes mandatory settlements in tuition fees granted by state decrees and individual/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision.

(2) See more information on “Non-GAAP Financial Measures” (Item 07).

Adjusted EBITDA

Adjusted EBITDA for the three-month period ended December 31, 2023, increased 19.3% to R$288.9 million, up from R$242.2 million in the same period of the prior year, while the Adjusted EBITDA Margin decreased 110 basis points to 39.6%. For the full year ended December 31, 2023, Adjusted EBITDA was R$1.165.7 million, an increase of 21.2% over the same period of the prior year, with an Adjusted EBITDA Margin decrease of 90 basis points in the same period. The Adjusted EBITDA Margin reduction this year is due to: (a) Mix of Net Revenue, with higher participation of Continuing Education segment, and (b) the consolidation of 4 new Mais Médicos campuses (operation started on 3Q22).

Table 7: Adjusted EBITDA

(in thousands of R$)

For the three months period ended December 31,

 

For the twelve months period ended December 31,

2023

2023 Ex Acquisitions*

2022

% Chg

% Chg Ex Acquisitions

 

2023

2023 Ex Acquisitions*

2022

% Chg

% Chg Ex Acquisitions

Adjusted EBITDA

288,912

257,744

242,207

19.3

6.4%

1,165,678

1,052,844

961,924

21.2%

9.5%

% Margin

39.6%

38.5%

40.7%

-110 bps

-220 bps

40.6%

40.1%

41.5%

-90 bps

-140 bps

*For the three months period ended December 31, 2023, “2023 Ex Acquisitions” excludes: UNIMA and FCM Jaboatão (October to December, 2023; Closing of UNIMA and FCM Jaboatão was in January 2023).

*For the fiscal year ended December 31, 2023, “2023 Ex Acquisitions” excludes: Alem da Medicina (January & February 2023; Closing of Alem da Medicina was in March, 2022), Cardiopapers (January to March 2023; Closing of Cardiopapers was in April, 2022), Glic (January to May, 2023; Closing of Glic was in May, 2022), and UNIMA and FCM Jaboatão (January to December, 2023; Closing of UNIMA and FCM Jaboatão was in January 2023).

Adjusted Net Income

Net Income for the fourth quarter of 2023 was R$101.9 million, an increase of 42.8% over the same period of the prior year, mainly due to the increase in operational results and the recognition of income tax credit. Adjusted Net Income for the fourth quarter of 2023 was R$164.4 million, an increase of 27.7% over the same period of the prior year, mainly due to the reasons previously mentioned and lower non-recurring expenses in the quarter when compared to the same period of the prior year.

For the twelve-month period ended December 31, 2023, Net Income increased 3.2%, from R$392.8 million to R$405.4 million. Adjusted Net Income for the twelve-month period of 2023 was R$591.1 million, an increase of 10.5% year over year. Adjusted EPS reached R$6.37 per share for the full year of 2023 ended December 31, an increase of 11.5% year over year, reflecting the increase in our Net Income and capital allocation discipline executing our business combination.

Table 8: Adjusted Net Income

(in thousands of R$)

For the three months period ended December 31,

 

For the twelve months period ended December 31,

2023

2022

% Chg

 

2023

2022

% Chg

Net income

101,886

71,331

42.8%

405,416

392,756

3.2%

Amortization of customer relationships and trademark (1)

29,273

22,015

33.0%

110,052

77,974

41.1%

Share-based compensation

11,453

10,860

5.5%

31,535

31,274

0.8%

Non-recurring (income) expenses:

21,837

24,547

-11.0%

44,121

33,133

33.2%

– Integration of new companies (2)

8,169

7,748

5.4%

28,120

24,763

13.6%

– M&A advisory and due diligence (3)

239

(697)

n.a.

12,616

2,497

405.3%

– Gain on tax amnesty (4)

n.a.

(16,812)

n.a.

– Expansion projects (5)

1,873

1,053

77.9%

4,409

3,411

29.3%

– Restructuring expenses (6)

6,291

5,307

18.5%

11,964

12,388

-3.4%

– Mandatory Discounts in Tuition Fees (7)

5,265

11,136

-52.7%

3,824

(9,926)

n.a.

Adjusted Net Income

164,449

128,753

27.7%

591,124

535,137

10.5%

Basic earnings per share – in R$ (8)

1.09

0.74

47.2%

4.30

4.14

4.0%

Adjusted earnings per share – in R$ (9)

1.79

1.38

29.6%

6.37

5.71

11.5%

(1) Consists of amortization of customer relationships and trademark recorded under business combinations.

(2) Consists of expenses related to the integration of newly acquired companies.

(3) Consists of expenses related to professional and consultant fees in connection with due diligence services for our M&A transactions.

(4) On August 10, 2023, Unigranrio entered into a tax amnesty program on interest and penalties to settle a tax proceeding in respect to ISS (city tax on services) with the municipality of Rio de Janeiro, which result in a payment of R$14,819 to settle the claim. The selling shareholders of Unigranrio agreed to pay R$5,438 regarding this matter. The Company had a provision of R$53,302 and an indemnification asset from the selling shareholders of R$20,000 (in light of the indemnification clauses as defined at acquisition of Unigranrio), in respect to such tax proceeding. The difference between the provision, indemnification asset and the actual paid amount was recorded as Other income (expenses), net on the consolidated statement of income and comprehensive income.

(5) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.

(6) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of our acquired companies.

(7) Consists of mandatory settlements in tuition fees granted by state decrees, individual/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision.

(8) Basic earnings per share: Net Income/Weighted average number of outstanding shares.

(9) Adjusted earnings per share: Adjusted Net Income attributable to equity holders of the Parent/Weighted average number of outstanding shares.

Cash and Debt Position

On December 31, 2023, Cash and Cash Equivalents were R$553.0 million, a decrease of 49.4% over December 31, 2022, due to UNIMA and FCM Jaboatão dos Guararapes business combinations.

For the full year ended December 31, 2023, Afya reported cash flow from operating activities of R$1,088.8 million, up from R$877.0 million in the same period of the previous year, an increase of 24.1% YoY, boosted by the solid operational results. Operating Cash Conversion Ratio was strong once again, achieving 97.1% for the full year of 2023 ended December 31, 2023, compared to 94.4% in the same period of the previous year.

On December 31, 2023, Net Debt, excluding the effects of IFRS 16, totaled R$1,814.6 million. When compared to December 31, 2022, Net Debt added to R$825 million related to UNIMA and FCM Jaboatão dos Guararapes business combinations closed on January 2, 2023, the Net Debt reduced R$ 391.0 million due to the strong Cash flow from operating activities.

Table 9: Operating Cash Conversion Ratio Reconciliation

For the twelve months period ended in December 31,

(in thousands of R$)

Considering the adoption of IFRS 16

2023

2022 

% Chg

(a) Net cash flows from operating activities

1,043,623

843,899

23.7%

(b) Income taxes paid

45,144

33,089

36.4%

(c) = (a) + (b) Cash flow from operating activities

1,088,767

876,988

24.1%

 

(d) Adjusted EBITDA

1,165,678

961,924

21.2%

(e) Non-recurring (income) expenses:

44,121

33,133

33.2%

– Integration of new companies (1)

28,120

24,763

13.6%

– M&A advisory and due diligence (2)

12,616

2,497

405.3%

– Gain on tax amnesty (3)

(16,812)

n.a.

– Expansion projects (4)

4,409

3,411

29.3%

– Restructuring Expenses (5)

11,964

12,388

-3.4%

– Mandatory Discounts in Tuition Fees (6)

3,824

-9,926

n.a.

(f) = (d) – (e) Adjusted EBITDA ex- non-recurring expenses

1,121,557

928,791

20.8%

(g) = (c) / (f) Operating cash conversion ratio

97.1%

94.4%

270 bps

(1) Consists of expenses related to the integration of newly acquired companies.

(2) Consists of expenses related to professional and consultant fees in connection with due diligence services for M&A transactions.

(3) On August 10, 2023, Unigranrio entered into a tax amnesty program on interest and penalties to settle a tax proceeding in respect to ISS (city tax on services) with the municipality of Rio de Janeiro, which result in a payment of R$14,819 to settle the claim. The selling shareholders of Unigranrio agreed to pay R$5,438 regarding this matter. The Company had a provision of R$53,302 and an indemnification asset from the selling shareholders of R$20,000 (in light of the indemnification clauses as defined at acquisition of Unigranrio), in respect to such tax proceeding. The difference between the provision, indemnification asset and the actual paid amount was recorded as Other income (expenses), net on the consolidated statement of income and comprehensive income.

(4) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.

(5) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of acquired companies.

(6) Consists of mandatory settlements in tuition fees granted by state decrees, individual/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision.

The following table shows more information regarding the cost of debt for 2023, considering loans and financing, capital market and accounts payable to selling shareholders. Afya’s capital structure remains solid with a conservative leveraging position and a low cost of debt, Afya’s Net Debt (excluding the effect of IFRS16) divided by Adjusted EBITDA of 2023 is 1.6x.

Table 10: Gross Debt and Average Cost of Debt

(in millions of R$)

For the closing of the twelve months period ended in December 31,

 

 

 

 

Cost of Debt

Gross Debt

Duration (Years)

Per year

%CDI²

2023

2022

2023

2022

2023

2022

2023

2022

Loans and financing: Softbank

826

824

2.4

3.4

6.5%

6.5%

50%

53%

Loans and financing: Debentures

529

500

3.6

4.6

15.0%

15.7%

114%

114%

Loans and financing: Others

445

621

1.3

2.1

15.0%

14.1%

114%

113%

Accounts payable to selling shareholders

567

529

0.8

1.2

13.1%

11.6%

100%

94%

Total¹| Average

2,368

2,474

2.1

2.9

11.8%

10.2%

89%

83%

(1) Total ammount refers only to the “Gross Debt” columns

(2) Based on the annualized Interbank Certificates of Deposit (“CDI”) rate for the period as a reference: 2023 full year: ~11.65% p.y. and for 2022 full year: ~12.39% p.y.

Table 11: Cash and Debt Position

(in thousands of R$)

FY2023

FY2022

% Chg

(+) Cash and Cash Equivalents

553,030

1,093,082

-49.4%

Cash and Bank Deposits

11,746

57,509

-79.6%

Cash Equivalents

541,284

1,035,573

-47.7%

(-) Loans and Financing

1,800,775

1,882,901

-4.4%

Current

179,252

145,202

23.5%

Non-Current

1,621,523

1,737,699

-6.7%

(-) Accounts Payable to Selling Shareholders

566,867

528,678

7.2%

Current

353,998

261,711

35.3%

Non-Current

212,869

266,967

-20.3%

(-) Other Short and Long Term Obligations

62,176

-100.0%

(=) Net Debt (Cash) excluding IFRS 16

1,814,612

1,380,673

31.4%

(-) Lease Liabilities

874,569

769,525

13.7%

Current

36,898

32,459

13.7%

Non-Current

837,671

737,066

13.6%

Net Debt (Cash) with IFRS 16

2,689,181

2,150,198

25.1%

CAPEX

Capital expenditures consists of the purchase of property and equipment and intangible assets, including expenditures mainly related to the expansion and maintenance of our campuses and headquarters including leasehold improvements, and the development of new solutions in the digital segment, among others.

For the full year of 2023 ended December 31, CAPEX went from R$318.2 million to R$218.4 million, a decrease of 31.3% over the same period of the prior year. As of December 31, 2023, the Capex to Revenue, excluding licenses acquisition and goodwill remeasurement, was 7.6% a decrease from 10.9% in the same period of the previous year, reflecting the discipline on capital allocation.

Table 12: CAPEX

(in thousands of R$)

For the twelve months period ended in December 31,

2023

2022

% Chg

CAPEX

218,428

318,155

-31.3%

Property and equipment

118,435

168,132

-29.6%

Intanglibe assets

99,993

150,023

-33.3%

– Licenses

24,408

n.a.

– Goodwill

39,100

n.a.

– Others

99,993

86,515

15.6%

ESG Metrics

ESG commitment is an important part of Afya’s strategy and permeates the Company’s core values. Afya has been advancing year after year on its core pillars and, since 2021, ESG metrics have been disclosed in the Company’s quarterly financial results.

The 2022 Sustainability Report can be found at: https://ir.afya.com.br/corporate-governance/sustainability/

Table 13: ESG Metrics

4Q23

4Q22

2022

2021

2020

2019

#

GRI

Governance and Employee Management

 

 

 

 

 

 

1

405-1

Number of employees

9,680

8,708

8,708

8,079

6,100

3,369

2

405-1

Percentage of female employees

58%

57%

57%

55%

55%

57%

3

405-1

Percentage of female employees in the board of directors

36%

40%

40%

18%

18%

22%

4

102-24

Percentage of independent member in the board of directors

36%

30%

30%

36%

36%

22%

 

 

Environmental

4

302-1

Total energy consumption (kWh)

6,845,599

5,379,440

17,011,842

12,176,966

8,035,845

5,928,450

4.1

302-1

Consumption per campus

148,817

122,260

412,747

385,573

321,434

395,230

5

302-1

% supplied by distribution companies

50.2%

72.5%

72.4%

91.3%

83.4%

96.2%

6

302-1

% supplied by other sources

49.8%

27.5%

27.6%

8.7%

16.6%

3.8%

 

 

Social

8

413-1

Number of free clinical consultations offered by Afya

154,976

141,962

494,635

341,286

427,184

270,000

9

 

Number of physicians graduated in Afya’s campuses

20,197

18,104

18,104

16,772

12,691

8,306

10

201-4

Number of students with financing and scholarship programs (FIES and PROUNI)

10,584

10,965

10,965

7,881

4,999

2,808

11

 

% students with scholarships over total undergraduate students

16.0%

18.8%

18.8%

12.9%

13.7%

11.7%

12

413-1

Hospital, clinics and city halls partnerships

649

662

662

447

432

60

(1) Some factors can influence in the adequate proportionality analysis of data over the years, such as: climate changes, COVID-19 pandemic effects, seasonalities, number of employees, number of students, number of active units, among others.

(2) “Other sources” refers to: (a) Derived from renewable sources, such as solar panels installed in the units; and (b) Derived from the search for alternative energy options in the market.

(3) Starting in 2Q22, previously disclosed environmental data were updated to consider: (a) GHG Protocol guidelines improvements, and (b) additional data-collection criteria refinements.

(4) Starting in 2Q22, previously disclosed social data were updated to consider: (a) the number of graduated physicians considering all units after its closing, and (b) partnerships related only to medical schools.

(5) The number of students with financing and scholarship programs (FIES and PROUNI) does not include any student from the acquisitions of 2023

 

6. Conference Call and Webcast Information

When:

March 14, 2024, at 5:00 p.m. EST.

 

Who:

Mr. Virgilio Gibbon, Chief Executive Officer

 

Mr. Luis André Blanco, Chief Financial Officer

 

Ms. Renata Costa Couto, IR Director

 

 

Dial-in:

Brazil: +55 11 4632 2237 or +55 11 4680 6788 or +55 11 4700 9668 or +55 21 3958 7888 or +55 11 4632 2236.

 

 

 

United States: +1 669 900 6833 or +1 689 278 1000 or +1 719 359 4580 or +1 929 205 6099 or +1 253 205 0468 or +1 253 215 8782 or +1 301 715 8592 or +1 305 224 1968 or +1 309 205 3325 or +1 312 626 6799 or +1 346 248 7799 or +1 360 209 5623 or +1 386 347 5053 or +1 507 473 4847 or +1 564 217 2000 or +1 646 931 3860 or +1 669 444 9171.

 

 

 

Webinar ID: 926 2711 5284

 

 

 

Other Numbers: https://afya.zoom.us/u/acjXgMhUw6

 

OR

 

Webcast:

https://afya.zoom.us/j/92627115284

7. About Afya Limited (Nasdaq: AFYA)

Afya is the leading medical education group in Brazil based on number of medical school seats. It delivers an end-to-end physician-centric ecosystem that serves and empowers students to be lifelong medical learners, from the moment they enroll as medical students, through their medical residency preparation, graduate program, and continuing medical education activities. Afya also offers content and clinical decision applications for healthcare professionals through its products WhiteBook, Nursebook and Portal PEBMED. For more information, please visit www.afya.com.br.

8. Forward – Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. All statements other than statements of historical fact could be deemed forward looking, and include risks and uncertainties related to statements about our competition; our ability to attract, upsell and retain students; our ability to increase tuition prices and prep course fees; our ability to anticipate and meet the evolving needs of students and professors; our ability to source and successfully integrate acquisitions; general market, political, economic, and business conditions; and our financial targets such as revenue, share count and IFRS and non-IFRS financial measures including gross margin, operating margin, net income (loss) per diluted share, and free cash flow. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the potential impacts of the COVID-19 pandemic on our business operations, financial results and financial position and the Brazilian economy.

The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. Readers should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent management’s beliefs and assumptions only as of the date such statements are made. Further information on these and other factors that could affect the Company’s financial results are included in the filings made with the United States Securities and Exchange Commission (SEC) from time to time, including the section titled “Risk Factors” in the most recent Rule 434(b) prospectus. These documents are available on the SEC Filings section of the investor relations section of our website at: https://ir.afya.com.br/.

9. Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board—IASB, Afya uses Adjusted EBITDA and Operating Cash Conversion Ratio information, which are non-GAAP financial measures, for the convenience of investors. A non-GAAP financial measure is generally defined as one that intends to measure financial performance but excludes or includes amounts that would not be equally adjusted in the most comparable GAAP measure.

Afya calculates Adjusted EBITDA as net income plus/minus net financial result plus income taxes expense plus depreciation and amortization plus interest received on late payments of monthly tuition fees, plus share-based compensation plus/minus share of income of associate plus/minus non-recurring expenses. The calculation of Adjusted Net Income is net income plus amortization of customer relationships and trademark, plus share-based compensation. We calculate Operating Cash Conversion Ratio as the Cash flow from operating activities, adjusted with income taxes paid divided by Adjusted EBITDA plus/minus non-recurring expenses. The calculation of Adjusted EPS is our Adjusted Net Income, minus the Minority Net Income divided by the Weighted average number of outstanding shares.

Management presents Adjusted EBITDA, because it believes these measures provide investors with a supplemental measure of financial performance of the core operations that facilitates period-to-period comparisons on a consistent basis. Afya also presents Operating Cash Conversion Ratio because it believes this measure provides investors with a measure of how efficiently the Company converts EBITDA into cash. The non-GAAP financial measures described in this prospectus are not a substitute for the IFRS measures of earnings. Additionally, calculations of Adjusted EBITDA and Operating Cash Conversion Ratio may be different from the calculations used by other companies, including competitors in the education services industry, and therefore, Afya’s measures may not be comparable to those of other companies.

10. Investor Relations Contact

E-mail: ir@afya.com.br

11. Financial Tables

Consolidated statements of income and comprehensive income

For the years ended December 31, 2023, 2022 and 2021

(In thousands of Brazilian reais, except earnings per share)

 

 

2023

2022

2021

 

 

 

 

Revenue

2,875,913

2,329,057

1,719,371

Cost of services

(1,109,813)

(859,552)

(652,300)

Gross profit

1,766,100

1,469,505

1,067,071

 

 

 

 

Selling, general and administrative expenses

(1,014,684)

(798,153)

(622,615)

Other income (expenses), net

15,645

(7,252)

(3,561)

 

 

 

 

Operating income

767,061

664,100

440,895

 

 

 

 

Finance income

110,642

102,042

64,566

Finance expenses

(457,616)

(349,893)

(243,796)

Finance result

(346,974)

(247,851)

(179,230)

 

 

 

 

Share of income of associate

9,495

12,184

11,797

 

 

 

 

Income before income taxes

429,582

428,433

273,462

 

 

 

 

Income taxes expenses

(24,166)

(35,677)

(31,179)

 

 

 

 

Net income

405,416

392,756

242,283

 

 

 

 

Other comprehensive income

Total comprehensive income

405,416

392,756

242,283

 

 

 

 

Income attributable to

 

 

 

Equity holders of the parent

386,324

373,569

223,326

Non-controlling interests

19,092

19,187

18,957

 

405,416

392,756

242,283

Basic earnings per share

 

 

 

Per common share

4.30

4.14

2.39

Diluted earnings per share

 

 

 

Per common share

4.27

4.12

2.37

Consolidated statements of financial position

As of December 31, 2023 and 2022

(In thousands of Brazilian reais)

 

 

2023

2022

Assets

Current assets

Cash and cash equivalents

553,030

1,093,082

Trade receivables

546,438

452,831

Inventories

1,382

12,190

Recoverable taxes

43,751

27,809

Other assets

58,905

 

51,745

Total current assets

1,203,506

 

1,637,657

 

Non-current assets

 

Trade receivables

39,485

 

42,568

Other assets

117,346

191,756

Investment in associate

51,834

53,907

Property and equipment

608,685

542,087

Right-of-use assets

767,609

690,073

Intangible assets

4,796,016

4,041,491

Total non-current assets

6,380,975

5,561,882

 

Total assets

7,584,481

7,199,539

 

Liabilities

 

Current liabilities

 

Trade payables

108,222

71,482

Loans and financing

179,252

145,202

Lease liabilities

36,898

32,459

Accounts payable to selling shareholders

353,998

261,711

Notes payable

62,176

Advances from customers

153,485

133,050

Labor and social obligations

192,294

154,518

Taxes payable

27,765

26,221

Income taxes payable

3,880

16,151

Other liabilities

2,773

2,719

Total current liabilities

1,058,567

905,689

 

Non-current liabilities

 

Loans and financing

1,621,523

1,737,699

Lease liabilities

837,671

737,066

Accounts payable to selling shareholders

212,869

266,967

Taxes payable

88,198

92,888

Provision for legal proceedings

104,361

195,854

Other liabilities

18,280

13,218

Total non-current liabilities

2,882,902

3,043,692

Total liabilities

3,941,469

3,949,381

 

Equity

 

Share capital

17

17

Additional paid-in capital

2,365,200

2,375,344

Treasury shares

(299,150)

 

(304,947)

Share-based compensation reserve

155,073

123,538

Retained earnings

1,380,365

1,004,886

Equity attributable to equity holders of the parent

3,601,505

3,198,838

Non-controlling interests

41,507

51,320

Total equity

3,643,012

3,250,158

 

Total liabilities and equity

7,584,481

7,199,539

Consolidated statements of cash flows

For the years ended December 31, 2023, 2022 and 2021

(In thousands of Brazilian reais)

 

 

2023

2022

2021

Operating activities

 

Income before income taxes

429,582

428,433

273,462

Adjustments to reconcile income before income taxes

 

 

 

Depreciation and amortization

289,511

206,220

154,220

Write-off of property and equipment

1,910

1,697

1,604

Write-off of intangible assets

413

25

2,374

Allowance for expected credit losses

74,552

42,708

47,819

Share-based compensation expense

31,535

31,274

43,377

Net foreign exchange differences

681

852

17,973

Accrued interest

285,447

200,081

108,437

Accrued lease interest

100,849

88,571

67,212

Share of income of associate

(9,495)

(12,184)

(11,797)

Provision (reversal) for legal proceedings

(56,825)

(766)

10,664

 

 

 

 

Changes in assets and liabilities

 

 

 

Trade receivables

(131,336)

(129,165)

(79,665)

Inventories

10,947

(363)

(3,720)

Recoverable taxes

(15,353)

(2,230)

(2,327)

Other assets

77,480

(1,048)

(19,425)

Trade payables

24,500

9,975

14,479

Taxes payable

3,278

(3,915)

(14,902)

Advances from customers

(17,892)

8,387

36,009

Labor and social obligations

31,525

21,247

23,449

Other liabilities

(42,542)

(12,811)

(2,693)

 

1,088,767

876,988

666,550

Income taxes paid

(45,144)

(33,089)

(35,683)

Net cash flows from operating activities

1,043,623

843,899

630,867

 

 

 

 

Investing activities

 

 

 

Acquisition of property and equipment

(118,435)

(168,132)

(125,869)

Acquisition of intangibles assets

(126,993)

(128,892)

(150,931)

Dividends received

9,900

6,754

11,770

Acquisition of non-controlling interest

(21,000)

Acquisition of subsidiaries, net of cash acquired

(815,005)

(277,649)

(1,005,017)

Payments of interest from acquisition of subsidiaries and intangibles

(71,518)

(23,550)

(12,108)

Restricted cash

8,103

Net cash flows used in investing activities

(1,143,051)

(591,469)

(1,274,052)

 

 

 

 

Financing activities

 

 

 

Payments of principal of loans and financing

(112,630)

(1,791)

(107,766)

Payments of interest of loans and financing

(175,889)

(116,587)

(50,310)

Proceeds from loans and financing

5,288

496,885

809,539

Payments of lease liabilities

(31,473)

(28,511)

(20,075)

Payments of interest of lease liabilities

(103,911)

(85,001)

(67,676)

Treasury shares buy back

(12,369)

(152,317)

(213,722)

Proceeds from exercise of stock options

9,791

33,336

Dividends paid to non-controlling shareholders

(18,750)

(19,736)

(18,648)

Net cash flows generated (used) in financing activities

(439,943)

92,942

364,678

Net foreign exchange differences

(681)

(852)

(17,973)

Net increase (decrease) in cash and cash equivalents

(540,052)

344,520

(296,480)

Cash and cash equivalents at the beginning of the year

1,093,082

748,562

1,045,042

Cash and cash equivalents at the end of the year

553,030

1,093,082

748,562

Reconciliation between Net Income and Adjusted EBITDA

Reconciliation between Adjusted EBITDA and Net Income

 

(in thousands of R$)

For the three months period December 31,

For the twelve months period ended December 31,

2023

2022

% Chg

2023

2022

% Chg

Net income

101,886

71,331

42.8%

405,416

392,756

3.2%

Net financial result

79,661

67,596

17.8%

346,974

247,851

40.0%

Income taxes expense

(9,130)

10,065

n.a.

24,166

35,677

-32.3%

Depreciation and amortization

77,339

54,514

41.9%

289,511

206,220

40.4%

Interest received (1)

7,690

5,218

47.4%

33,450

27,197

23.0%

Income share associate

(1,824)

(1,924)

-5.2%

(9,495)

(12,184)

-22.1%

Share-based compensation

11,453

10,860

5.5%

31,535

31,274

0.8%

Non-recurring (income) expenses:

21,837

24,547

-11.0%

44,121

33,133

33.2%

– Integration of new companies (2)

8,169

7,748

5.4%

28,120

24,763

13.6%

– M&A advisory and due diligence (3)

239

(697)

n.a.

12,616

2,497

405.3%

– Gain on tax amnesty (4)

0

n.a.

(16,812)

n.a.

– Expansion projects (5)

1,873

1,053

77.9%

4,409

3,411

29.3%

– Restructuring expenses (6)

6,291

5,307

18.5%

11,964

12,388

-3.4%

– Mandatory Discounts in Tuition Fees (7)

5,265

11,136

-52.7%

3,824

(9,926)

n.a.

Adjusted EBITDA

288,912

242,207

19.3%

1,165,678

961,924

21.2%

Adjusted EBITDA Margin

39.6%

40.7%

-110 bps

40.6%

41.5%

-90 bps

(1) Represents the interest received on late payments of monthly tuition fees.

(2) Consists of expenses related to the integration of recently acquired companies, such as expenses with personnel and third party consulting firms.

(3) Consists of expenses related to professional and consultant fees in connection with due diligence services for our M&A transactions.

(4) On August 10, 2023, Unigranrio entered into a tax amnesty program on interest and penalties to settle a tax proceeding in respect to ISS (city tax on services) with the municipality of Rio de Janeiro, which result in a payment of R$14,819 to settle the claim. The selling shareholders of Unigranrio agreed to pay R$5,438 regarding this matter. The Company had a provision of R$53,302 and an indemnification asset from the selling shareholders of R$20,000 (in light of the indemnification clauses as defined at acquisition of Unigranrio), in respect to such tax proceeding. The difference between the provision, indemnification asset and the actual paid amount was recorded as Other income (expenses), net on the consolidated statement of income and comprehensive income.

(5) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.

(6) Severance cost related to the termination of employment relationship with the organizational restructuring of the acquired business and Digital Segment restructuring.

(7) Consists of mandatory discounts in tuition fees granted by state decrees and individual/collective legal proceedings and public civil proceedings due to COVID 19 on-site class restriction, and excludes any recovery of these discounts that were invoiced based on the decision by the Brazilian Federal Supreme Court (Supremo Tribunal Federal), or the Brazilian Supreme Court, with respect to this matter.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240314233307/en/

Contacts

Investor Contact: ir@afya.com.br
IR Website: ir.afya.com.br

Media Contact:
Cíntia Moraes Marin
cintia.marin@afya.com.br



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